Loading chat...
MS SB2903
Bill
AI Summary
-
Creates a new "Tier 5" membership category for Mississippi Public Employees' Retirement System (PERS) members joining on or after March 1, 2026
-
Tier 5 members will receive a 3% annual cost-of-living adjustment (COLA) on their retirement benefits, calculated the same way as members who joined between July 1, 2011 and March 1, 2026
-
Caps the annual COLA payment for Tier 5 members at $15,000 maximum per year, regardless of the calculated 3% amount
-
Requires the Legislature to evaluate every three years whether the $15,000 cap should be increased due to inflation
-
Removes previous language that would have denied Tier 5 members any COLA benefits entirely, instead providing them with a capped version of the existing benefit structure
Legislative Description
PERS; allow Tier 5 members to receive 3% COLA, but not to exceed $15,000.00 in any single year.
Last Action
Died In Committee
2/3/2026